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Author: spongeLarry Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1568  
Subject: Re: Poll: Why are you against the bailout? Date: 10/3/2008 12:28 AM
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I cannot believe the number of people pushing for this bailout. Even respected Fools are saying that this "must pass" in order to "save Main Street". Unbelievable!!! Have they all gone nuts?!

If these financial wizards have created such a disastrous situation, why on earth should they be entrusted to save it with our 700B???!!!! oh, I forgot, its us "aka Main Street" whom they are saving. Gee thanks, says the hen to the fox.

Even if it is true that the credit markets are clogged, then let them be clogged until market forces allow banks with good business models to rise up and grab these clients who need lending to. Banks with bad business practices, including those who bought toxic securities from other banks, deserve their fate. If it means bankruptcy for them, then they deserve it! They should've been smarter than to buy toxic securities. Thems the breaks.

These new amendments to the bailout are insignificant changes. Anyway you slice it, this bailout means that rich business people who profited from selling mortgages by way of coercing and duping naive, working class men and women into believing they could afford it, and who are now seeing their businesses fail from their poor decisions, are now being rewarded for these decisions and their businesses are being saved using our tax dollars!

Why should these businesses be saved and not others? If I had known the government was going to bail me out, I may have started my own mega-bank-dupe-americans-then-take-taxes business as well! Why isn't corporate welfare more transparent so we all have a fair chance to eat at the trough?

Seriously, for those in favor of the bailout, I think their motivation is to save their 401k's and bullish stock portfolios. They are casting aside obvious injustice, immoral favoratism, and long entrenched successful capitalist markets, just to save their retirement.

They rationalize their actions by convincing themselves that they are "saving the economy". As if the markets suddenly won't work anymore - a quirk in the laws of financial capitalism has occurred, and they must save the financial system, for after all, Wall Street and the financial wizards are, of course, the center of the universe! Let's believe anything they tell us and plow in everyone's tax dollars to save the Gods of Wall Street.

Your 401k purchases should have steered clear of these bank stocks. Your 401k should be out of stocks in an unprecendented bear situation such as this.

What? You believe in long-term buy and hold?

Even in this environment?

You're telling me even under these extreme conditions you're not wavering from the long-term buy and hold philosophy? C'mon, there's an exception to every rule.

But there should be no exception to opposing greed and corruption. Do the right thing and oppose this bailout!
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